The Koll Company Completes Purchase of $18.55 Million Cold/Freezer Storage Property in Las Vegas
IRVINE, CALIF., April, 2023 – The Koll Company announced today the expansion of their portfolio in Las Vegas, with an $18.55 million, all-cash purchase of the Chefs’ Warehouse building at 4248 West Post Road. This latest acquisition brings their total Las Vegas portfolio to just under one million (1,000,000) square feet.
“We are very excited to expand our significant presence in the Las Vegas market with today’s purchase,” said Scott Meserve, Principal, The Koll Company. “We have a long-term view on this asset as well as the overall market, and look forward to owning the property for the foreseeable future. As an all-cash purchase, we do not intend to place debt on this investment.”
The 79,998 square foot building is LEED Certified and was built in 2015 for Chefs’ Warehouse, a specialty wholesale food distributor that services restaurants, hotels, country clubs and fine food stores throughout North America and the world. They have supplied food to more than 35,000 restaurants, including celebrity chef clients Thomas Keller, Jean-Georges Vongerichten, Eric Ripert, Missy Robbins, Michael Mina, Nancy Silverton, Dan Barber, Daniel Boulud and Jose Andres.
Located near Raider Stadium, the building is approximately 60% temperature controlled, ranging from -10 degrees for freezer to up to 60 degrees for a chocolate/dessert storage area. Chefs’ Warehouse has 12 years left on their initial lease, with options for additional terms thereafter. The property is across the street from another Koll Company owned building, 4210 Sobb. The 42,000 square foot property is home to a relocation company and hosts a cell tower.
“Despite the country’s recent economic uncertainty, the Las Vegas market remains resilient and strong,” said Meserve. “We are very bullish on this region and believe that it will continue to grow and expand.”
Newmark brokered the transaction, representing both the seller and purchaser.
About The Koll Company: The Koll Company is a well-capitalized fully integrated real estate operating company headquartered in Irvine, California and led by Gerald Yahr, Scott Lanni and Scott Meserve. With more than 50 years in the real estate industry, Koll was originally established as a general construction firm and rapidly grew into a leading real estate services company. Koll’s track record includes the development and acquisition of over 150 million square feet of office, industrial, retail, resort, and golf properties. Koll acquires, develops, and manages investments while serving institutional investors and high net worth individuals. The firm’s investment strategies are implemented by a disciplined and dedicated team of professionals with a long history of integrating fundamental real estate knowledge, capital markets experience, and local and economic research. The Koll Company’s AUM currently exceeds $1.3 billion with a portfolio totaling over 5.2 million square feet, 4 million square feet of which has been acquired since 2014.
Media Contact:
Scott Meserve
The Koll Company
949-655-6818